Cabo Grants Stock Options

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 30, 2009) - Cabo Drilling Corp.'s (TSX VENTURE:CBE) ("Cabo" or the "Company") announces that it has, subject to regulatory acceptance, granted 2,700,000 incentive stock options to Directors, Employees and Consultants under terms of its Stock Option Plan, granting the right to purchase up to 1,350,000 common shares of the Company at $0.225 per share and up to 1,350,000 commons shares at $0.25 per share.

About Cabo Drilling Corp. (TSX VENTURE:CBE)

Cabo Drilling Corp. is a drilling services company headquartered in North Vancouver, British Columbia, Canada. The Company provides mining related and specialty drilling services through its Canadian divisions in Surrey, British Columbia; Montreal, Quebec; Kirkland Lake, Ontario; and Springdale, Newfoundland; as well as Cabo Drilling de Mexico S.A. de C.V. of Hermosillo, Mexico; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; Cabo Drilling Spain S.L. of Sevilla, Spain; Balkan States Drilling SH.P.K. of Tirana, Albania; Cabo Drilling (Ghana) Limited of Accra, Ghana; and Cabo Drilling (International) Inc. The Company's common shares trade on the Frankfurt Exchange under the symbol: DHL and on the TSX Venture Exchange under the symbol: CBE.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Cabo Drilling Corp. was recognized as a TSX Venture 50™ company in 2008. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.